taking advantage of new market opportunities
DESCRIPTION
10 Areas of Opportunity for Financial Institutions in 2011Over the last 18 months, markets across the country have experienced a great deal of change. In fact, based on 2010 US Census data, there is a growing realization that the shifts have been so significant that “the average American household no longer exists”. And while not always apparent, these changes have brought on a surprising series of opportunities for community bankers. For some institutions, the opportunity is organic — deepening relationships with current customers. For others, greater growth and profitability through expansion — much of which is happening through increased merger and acquisition activity.This fast-paced session introduces the audience to 10 areas of opportunity for community banks and credit unions in 2010. While the level of opportunity will vary from one institution to the next, this session presses bankers to think differently about the current state of the industry — and the opportunities that may be available in their own markets.TRANSCRIPT
taking
areas of opportunity for financial institutions in 2011
JOE SULLIVAN| MARKET INSIGHTS 1© 2011 Market Insights
advantage ofnew marketopportunities
CUES Execu/Summit| Feb. 22 201110
Restating the Obvious:
THE WORLD HAS CHANGED so have your customers, your
markets, your competition, your challenges, and your
opportunities
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How will you respond?
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How has it changed, and how will it change?1Know your market.
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Source: 2010.Census.gov2010 Census Data
but what about:
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psychographics
demographics
projected growth
competitionproduct usage & demand
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Adapt accordingly. 2Acknowledge the post-
recession consumer mindset.
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Source: Mint.com“How do Americans feel about the Recession?”
October 27, 2010
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“It’s not enough that we do our best; sometimes we have to do what’s required.”
- Winston Churchill
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Remember, you’re a consumer too. 3Find inspiration from
outside financial services.
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And what you don’t want.4 Know what you want.
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Move to meet expectations.5Understand parity.
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Consumer Expectations are Growing “Brands are barely keeping up with consumer expectations now. Every day consumers adopt and devour the latest technologies and innovations, and hunger for more. Smarter marketers will identify and capitalize on unmet expectations. Those brands that understand where the strongest expectations exist will be the brands that survive - and prosper.” From: ‘10 Branding and Marketing Trends for 2010’
By: Robert Passikoff, President of Brand Keys
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Throughout your institution.6 Institutionalize & internalize the concept of marketing.
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Rosabeth Moss Kanter The Change Master Blog, HarvardBusiness.org
“In a recession, everyone should be in marketing.”
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Pursue it aggressively.7Adopt a specific target market.
We are the credit union for ___________.
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We are not the credit union for ___________.
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…on a daily basis. 8Focus on strategic differentiation.
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online & offline 9 Join the conversation
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things are different now10Let go of old ways, behaviors, and expectations
